Abstract: Strong market position as former incumbent fixed telephony operator with good broadband growth potential Market leader in mobile telephony in two-player market Implicit support from the government of the United Arab Emirates Very high operating profitability margins and strong cash flows Good financial flexibility High percentage of cash flows paid out as dividends and royalties Regulatory risk likely to increase in the medium term Stagnant revenues in traditional fixed-line services Uncertain credit impact of potential merger and acquisition activity abroad Likely increase in leverage to expand overseas The ratings on Emirates Telecommunications Corp. (Etisalat), the former incumbent fixed-line and leading mobile telecommunications operator in the United Arab Emirates (UAE) are supported by the company's leading market position in both fixed

Brief Excerpt: RESEARCH Ratings Definitions Emirates Telecommunications Corp. Publication date: 20-Aug-2008 Primary Credit Analyst: Michael O'Brien, London (44) 20-7176-3561; michael_obrien@standardandpoors.com Secondary Credit Analyst: Leandro...

Report Type: Full Report
Ticker: DU@UH
Issuer: Emirates Telecommunications Corp.
Sector: Corporations, Global Issuers, Telecommunications & Cable
Country: United Arab Emirates
Region: Europe, Middle East, Africa
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